Water Heater Market: Global Industry Analysis and Forecast (2023-2029)

Water Heater Market size was valued at US$ 30.76 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 4% through 2023 to 2029, reaching nearly US$ 40.48 Bn.
Water Heater Market Overview:
The Global Water Heater market was valued at US$ 30.76 Bn. in 2022, and it is expected to reach US$ 40.48 Bn. by 2029 with a CAGR of 4% during the forecast period. A water heater also called a geyser is a heating device that uses energy from various external sources and transfers it to heat the water. Water heaters are available in various types such as gas-based water heaters, instant water heaters, storage water heaters, and solar water heaters.To know about the Research Methodology :- Request Free Sample Report
Water Heater Market Dynamics:
The rising disposable income of the consumers coupled with improved lifestyle is boosting the water heater market. A growing concern among consumers regarding natural resources and energy is inspiring the consumers to shift towards the energy-efficient water heating systems that are driving the global water heater market growth.

The use of a diverse range of water heaters in both the commercial and industrial sectors is expected to drive product demand. The market is expected to grow due to rising hot water demand, mostly from hospitals and hotels. In addition, increased use of the product in various manufacturing industries, such as food and beverage processing and chemical industries, is expected to drive demand for water heaters.

Electric water heater demand is expected to be boosted by significant investments in product development and innovations. The advent of new products and technologies by major manufacturers improves the consumer experience while lowering operating costs. The introduction of products with corrosion resistance, water filtration, remote control, and monitoring functions is expected to enhance market growth.

The growth can be attributed to the increasing demand for energy-efficient water heater systems. Solar power seems to be the best solution, which is uniquely capable of generating clean energy at a low cost. Growing awareness of the benefits of energy conservation by solar power is also driving the water heater market.
Global Water Heater Market Segment Analysis:
The Global Water Heater Market is segmented by Type, and Application.

Based on the Type, the market is segmented into Gas, Storage, and Solar. Storage water heater segment is expected to hold the largest market share of xx% by 2029. Storage water heater provides plenty of benefits such as it saves the energy, easy to install, technologically advanced, it is low-cost, and others. These are the key benefits that drives the growth of the Storage water heater segment in the global market during the forecast period 2023-2029.

Solar water heaters is expected to grow rapidly at a CAGR of 4.7% during the forecast period 2023-2029. This is due to the rising focus of numerous product manufacturers on developing new systems and technologies that work with maximum efficiency is expected to drive the growth of the solar water heaters in the global market during the forecast period.

Based on the Application, the market is segmented into Commercial, and Residential. Residential segment is expected to grow rapidly at a CAGR of xx% during the forecast period. An increasing demand for water heaters in residential due to the growing residential infrastructure development is the key factor that drives the growth of the residential segment in the global market during the forecast period.
Global Water Heater Market Regional Insights:
North America dominates the global Water Heater market during the forecast period 2023-2029. North America is expected to hold the largest market shares of xx% by 2029. Growing demand for energy-efficient systems coupled with new technological advancements to reduce the environmental concerns will boost the water heater market growth. Growing focus towards the tourism and hospitality industries is also booming the water heater market growth. These are the key factor that drives the growth of North America region in the global market during the forecast period 2023-2029.

The objective of the report is to present a comprehensive analysis of the Global Water Heater Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the Global Water Heater Market dynamic, structure by analyzing the market segments and project the Global Water Heater Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Water Heater Market make the report investor’s guide.
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Global Water Heater Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 30.76 Bn.


Forecast Period 2023 to 2029 CAGR:
4.0%
Market Size in 2029:
US $ 40.48 Bn.


 Segments Covered:
by Type
Gas
Storage
Solar


by Application
Commercial
Residential


by Product
Electric
Solar
Gas


by Technology
Tankless
Storage
Hybrid



Global Water Heater Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Water Heater Market, Key Players are
1.Rinnai Corp
2. Heat Transfer Products Inc.
3. Bradford White Corp.
4. Noritz Corp.
5. Crompton Greaves Ltd.
6. Haier Water Heater Co. Ltd.
7. Ariston Thermo SPA.
8. Rheem Manufacturing Co.
9. Siemens AG
10. O. Smith Corp.
11. GE Co.
12. Bajaj Electricals Ltd.
13. Viessmann
14. Rheem manufacturing
15. Bradford White
16. Wagner Solar
17. Linuo Ritter
18. Bosch
19. Racold
20. V Guard Industries
21. Himin Solar Energy
22. Chromagen
23. Sun Tank
24. Alternate Energy Technologies
Frequently Asked Questions:
1] What segments are covered in  Market report?
Ans. The segments covered in Market report are based on Type, and Application.

2] Which region is expected to hold the highest share in the Global  Market?
Ans. North America is expected to hold the highest share in the Global Market.

3] Who are the top key players in the Global Market?
Ans. Rinnai Corp, Heat Transfer Products Inc., Bradford White Corp., Noritz Corp., Crompton Greaves Ltd., and Haier Water Heater Co. Ltd. are the top key players in the Global  Market.

4] Which segment held the largest market share in the Global market by 2022?
Ans. Storage Water Heater segment held the largest market share in the Global market by 2022.

5] What is the market size of the Global  market by 2029?
Ans. The market size of the Global market is US$ 40.48 Bn. by 2029.

6] What was the market size of the Global  market in 2022?
Ans. The market size of the Global market was worth US$ 30.76 Bn. in 2022.